I've noticed a lot of altcoins getting manipulated and honestly, I only trade Ethereum and Bitcoin. When it comes to investing, I’m a bit more flexible, but I’ve learned the hard way with some tokens. One that really burned me was $BAKE. I held onto it for two years and lost a ton... totally misjudged its performance based on the past and it cost me big time. Just saw that Binance is set to delist $BAKE along with $HIFI on the 17th. Seems like Binance is cracking down on manipulation these days, since the issues that led to these delistings came up just last week.
I can't believe I let myself get dragged into $BAKE. What a lousy choice considering my experience. Sticking to top-tier coins is definitely the way to go, even if the profits are smaller. Safety should always come first, way more important than chasing after bigger gains.
bro!! altcoins sure give more room for market manipulation because many of them dont even have strong liquidity or solid projects behind them to begin with. it is a bit easy for whales or insiders to just pump and dump and small traders with less capital like us just end up holding the bag and stuck in the middle and at the end of the day you will just have to cut your losses. your experience with BAKE is just a lesson a lot of us have gone through before!! you will be thinking past performance of a coin will repeat itself!! only to watch the price sink even more. binance delisting it just kind of shows that even big exchanges are no longer tolerating coins that look too risky or manipulated by some individuals. the thing is sticking with sure coins like bitcoin and ethereum may not give crazy profits!! but at least you are playing safe with assets that have real strength in the market. sometimes safety and steady growth are better than chasing hype on a coin that just goes on on social media and this days influencers are just being paid to hype coins so small traders like will buy and they use us as exit liquidity.
Most of the tokens and coins coming in to the industry today are pump and dump, basically what we know as Ponzi schemes yet surprised you happen to be the victim even though I know for sure nobody is above mistake yet some mistakes cost more than others especially when you know the truth and happen to be the victim whereas you have some kind of knowledge. As a homosapien you are not above mistake.
Tbh, most of these altcoin are likely money laundering schemes orchestrated by teams and investors. First of all, sorry about your losses on BAKE. I've never had any love for that token. CAKE will always be put first by binance and the bnb chain community before BAKE. There are even more crime-like token performances in recent times like MUSDT (meme 2.0) or MYX finance that moved over 40x in 2 days.
My advice is to stick to majors and don't indulge in smaller, uncertain coins.
The rise of delisted tokens is unforeseen. These are planned and they are delisted, the volume in these tokens decreases, and then they begin to pump. These kinds of manipulations have always existed, and they're probably attracting more attention now. All of these tokens are Ponzis anyway. Unfortunately, even some knowledgeable people are affected by these manipulations due to their greed and desire to make a little more money.
Binance will delist any project that they think is not profitable anymore to them or doesn't go along with their principles on this market. You're not alone in losing money in holding bad altcoins. Because even I've got my fair share on the wrong altcoins that I have invested in. And they're even more than thousand dollars because if I held it back doing nothing because it was on Bitcoin, I hit more than the jackpot I've expected with these wrong altcoins that I have ever invested.
That sudden flash pump out of nowhere around delisting announcement actually pretty known manipulation.
It's a way for manipulators to settle their position without slippage when the market gets delisted while multiplying their capital.
I've seen such thing played out with many other altcoin specifically the low market cap ones. This is why I don't trade based on such news anymore, it's full of manipulation.
Also, you should not hold altcoin for 2 years. Heck, I got sweaty hand for holding altcoin for 3 months already. Within 2 years the coin will get dumped so hard.
There is no shame in making mistake, there is only shame in not learning from them.
Your mistake here was bag-holding an obvious useless shittoken for a long time. There is no manipulation here, that thing is a useless shittoken. Looking at its zoomed out chart should have told you that already.
These things don't have a "past performance", they just have an initial pump when they are released where gullible gamblers dump a lot of money (bet on these shittokens) into these things and pump their price.
Obviously because they are useless, they will always get dumped in the long run and eventually die because they've already served their purpose after the first phase (which sometimes lasts only a week).
That's another mistake. You should invest in bitcoin and trade altcoins not the other way around.
That's because you invest in something that has true potential in the long run and among cryptocurrencies only bitcoin has that potential (no altcoin has it, and there is no exception to that).
Then you trade things that can get pumped and dumped, which means all altcoins are good options short term.
When investing in altcoins, a trader or investor must do a deep analysis. In case of altcoins if there is a mistake, one has to face big losses. Many people make a common mistake, they often try to keep their investment in mid or low market cap coins for more profit. Although such coins give temporary profit, they become a big cause of loss in the long run. When investing in altcoins, the investor can invest some part of his total investment so that he does not lose everything in a bad situation. When investing in altcoins, I would definitely advise investing in top coins so that even if it is in the deep for a long time, it can return.
The majors are large caps and expensive to the point that alot of people can not buy enough to invest in and that is why they are investing in cheap altcoins. We all want to make money in cryptocurrency. That is the reason why we are finding ways to invest in anything cheap we see. sometimes it favours us and sometimes it does not. We take it as part of life. The picture shared in the op also happens with bitcoin. There is manipulation there but I know it is worse with altcoins.
Altcoins are much more risky compared to Bitcoin. Most of them are used as pump and dump schemes by their own developers, who possess the larger chunks of tokens. Since they control the supply, they can drop a large amount of tokens on the market as soon as it reaches a price they think to be enough to consider the scheme profitable. Once it's done, the token dies forever and late investors lose all or most of their funds.
Then those developers just have to create a new token and repeat the process. There isn't transparency and solidity in such projects, but the most important thing is that you know what is the reason behind it: to generate profit for developers, so it's already a red flag signing you should stay away.
Mistakes are to be taken as experience to learn from in other to avoid making a similar grave mistake repeatedly. We have all made our mistakes in different areas and there's nothing to be shameful about it except for when we let it repeat.
A lot of altcoins lacks utility and can't serve long term value that it should be bag hold for long time with hopes on the coins to outperform it past record. Because shitcoins impressive past record is the antics that is being used to attract innocent investor who are not aware that they are rather gambling with their money and not investing it due to how the developers of the coins would make it appear like an asset that still has some potential.
Hey buddy, no development happened in Bake, and volume is relatively small. I see no reason for Binance to keep that token alive in their exchange site. I know it's hurt as a token holder, but why did you hold this crap token? Why don't you hold BNB instead?
As for the market manipulation, don't be surprised caused by it's often happened. It most probably VC who were still holding it pumped it by themselves, then use people who get it as their exit liquidity.
It's a common thing happened in the crypto. Just never keep token that has no demand especially if it's for long term investment.
Altcoins are useless and most of them can not survive a long time but it makes sense if we look deeply why altcoins were created. They were created to scam people, get either fiat currency or bitcoins from people who thought bitcoin was expensive and wanted to try luck with "Bitcoin killers", "Next Bitcoin".
People are also too careless and they are too lazy for enough researching before spending money. If they do enough research, they can find some available warnings on altcoins.
How many cryptocurrencies failed ?
The two types of altcoins: the investor's view.
Even with Oscillator altcoins, people still lost their bitcoins and a biggest example is Ethereum. It's worse and more terrible if they bought Degen altcoins, their losses will be bigger and even lost all of money.
Delisting can be a manipulation if the token has a high value and is in high demand, so one of the platforms decides to delist it to influence the price, which is something that does not exist in $BAKE and $HIFI.
Operating and managing the trading of these tokens within the platform is expensive, and if they have no trading volume, they will be removed.
Unlike what happened in 2021, nothing has changed in the value of these tokens.
Well, $BAKE didn't have a very low market cap when I bought it, although I can't remember the actual market cap, but I know that it's still at the mid-range category, which baffled me even more when I saw it being delisted. It was a choice between it and $CAKE at that time, and surprisingly, $CAKE performed better if it were to be my choice, but I didn't buy it.
As for your advice, I've seen that there is no 100% advice for crypto traders, we are all taking risks, and the lucky ones win more. Some coins/tokens might appear to be worthless, but they might be the source of wealth for some people. Regardless, I will stick to the top-rated coins. This is better than wasting money.
Theres always a chance of getting rug pulled in lesser known Altcoins. Most of them are 70% premined & given to the team or investors. They launch & even if they dont get rugged straight away, are largely at the mercy of the originally airdropped devs & team. Its a minefield out there & its very easy to get blown up.
Are you still holding the $BAKE token or you have already sold it in loss. I don't give much time to these shitcoins because 99% of them are used for rugged pull through pump and dump. After noticing this through a very bad experience, I have stayed very far from shitcoins because only the dev and the insiders will make profit from them and others will run at loss.
It's really difficult to know which of these new tokens can give you profit in future. However, if you find yourself in the shitcoin zone, don't hold for too long and sell whenever, you see a little profit. Only invest with the amount of money that you can afford to lose.
@EarnOnVictor, how about HiFi? This happened recently.
Take a look at HiFi daily chart
It happens often but than what many people will know. These is how altcoins are now and nothing more. You can go through Wallet Connect (WCT) chart and see the same thing. It performed worst on exchanges the day it happened. There are tens of them that I have know. I see them very often like almost every week or more than once in a week.
For bake, I didnt see any rug pull happening recently. What I just noticed was that they were unable to keep up with the competition. The spread they came out with was not the same energy they have right now; their hype just gradually started dying off and investors started losing hope in them. It was just naturally losing the volume to keep it up. I cant even recall when I last saw a project getting listed on BakerySwap that made waves to the top.